Preparing for hospital price transparency: how leaders can turn compliance into opportunity
Everyone is talking about it (and many are even suing over it). The Trump Administration’s Centers for Medicare and Medicaid Services (CMS) recently released a transformative price transparency rule for hospitals. Under the new rule, hospitals must publicly disclose all standard rates for care, including negotiated rates with insurers, by January 2021. Additionally, hospitals will be required to prominently surface at least 300 “shoppable” services in a “consumer-friendly manner” for patients.
Haven’t had time to read the 330+ page rule? Not to worry, we developed some quick reference resources to help get you and your team up to speed:
Cedar’s experts have developed a step-by-step guide and checklist to turning the requirements into a competitive advantage. Did you know:
- At least 5 different types of standard charges must be displayed for every service (including gross, discounted cash and 3 more…)
- Prices for common ancillary services like anesthesia must be shared (even if often provided by non-hospital employees)
- Shoppable services must be shared “prominently,” meaning that there is no reliance on breadcrumbs to help with the navigation and are visually distinguished on the page
Download the Executive Brief with the full requirement checklist for all the key facts you need to know. (Hint: the CMS rule is 300+ pages. We read it so that you don’t have to).